Long-Term Incentive Compensation

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Our long-term incentive (LTI) programs currently include a cash-based incentive and certain equity-based compensation awards, as further described in our 2014 Annual Report on Form 10-K. A summary of the changes in our non-vested restricted shares for the nine months ended September 30, 2015 is presented below:



	Number of Shares		Weighted Average Grant Date Fair Value per Share
Non-vested at December 31, 2014	1,033,394		$	19.80
Granted	3,628,479		9.46
Vested	(331,682	)	19.63
Forfeited	(363,536	)	12.05
Non-vested at September 30, 2015	3,966,655		$	11.07

We record compensation expense on our LTI awards as general and administrative expense over the requisite service period, net of estimates of forfeitures. Pre-tax compensation expense related to all of our LTI awards (both equity-based and cash-based) was approximately $5 million and $15 million during the quarter and nine months ended September 30, 2015, respectively, and approximately $2 million and $19 million during the quarter and nine months ended September 30, 2014. As of September 30, 2015, we had unrecognized compensation expense of $57 million. We will recognize an additional $5 million related to our outstanding awards during the remainder of 2015, $36 million over the remaining requisite service periods subsequent to 2015 and $16 million upon a specified capital transaction when the right to such amounts becomes non-forfeitable.